Net income at Wells Fargo’s wealth, brokerage and retirement unit rose 13 per cent from $311 million in the final quarter of 2011 to $351 million at end-December, 2012. 

For the final quarter, net income at the wealth, brokerage and retirement arm rose 4 per cent from $338 million, after the bank reported a $5 million decline in its third quarter earnings release.

Revenue ended 2012 at $3.1 billion, up 2 per cent from fourth quarter of 2011 and roughly flat for the quarter ended December 31. However, excluding $32 million in lower gains on deferred compensation plan investments, revenue was up 3 per cent “largely due to higher asset-based fees,” the San Francisco-headquartered firm said.

The wealth, brokerage and retirement division of Wells Fargo includes the Abbot Downing unit, which serves ultra high net worth individuals and families. At end-December, 2012, wealth management client assets stood at $204 billion, up 3 per cent on the prior year.

Meanwhile, total provision for credit losses fell from $30 million logged in the third quarter to $15 million on December 31. This represents a year-on-year decline of $5 million. The bank highlighted that provision in the fourth quarter 2012 and fourth quarter 2011 included an $8 million and a $12 million credit reserve release, respectively.

Across the group, net income rose 19 per cent from $15.9 billion at end-2011 to finish 2012 at $18.9 billion. Revenue rose 6 per cent year-over-year to $86.1 billion.